Universal Life Insurance Policy Definitions

By: Kevin Stith
Submitted: 2007-01-17 16:15:25
Print this article | Tell a friend | For publisher | Social Bookmarking
Rating:
 

A universal life insurance is a financial resource that provides money for your family in the event that you die. The money that is received by your family will come as a big help, since it will cover funeral costs, childcare, housing and other expenses that are difficult to compensate for without this type of insurance.

But with the many insurance companies and agents in the market today, it is difficult to know which universal life insurance policy is the best for you unless you know about the universal life insurance policy and its definitions as they apply to the policy.

Universal life insurance combines features of the two basic types of life insurance: term life insurance and whole life insurance. This insurance policy provides the whole life insurance’ cash value and the term life’s protection feature. If you have this policy, you will have flexible premiums and death benefits. You can choose to pay what you want and how often you want to make these payments. The amount on the death benefits is also flexible, because you can decide if you want it increased or lowered according to your needs.

Another benefit of this policy is that if in case you need money, you can borrow from it or surrender it in exchange of the cash value. You can do this anytime, since your policy is like a savings account that you can easily access. Aside from this, the source of cash from this policy is usually tax-free or tax-deferred, and the loved ones that you leave will not have to worry about tax, since the death benefits on this policy are free of state and federal taxes.

Getting a universal life insurance can certainly give you numerous benefits. But before you get one, make sure that you understand the universal life insurance policy definitions. If you really want to look further into the details of this policy, you might consult an insurance agent, so you will know if this is the right policy for you.

Universal Life Insurance provides detailed information on Universal Life Insurance, Universal Life Insurance Quotes, Variable Universal Life Insurance, Universal Life Insurance Policy Definitions and more. Universal Life Insurance is affiliated with Free Life Insurance Leads.

Article source: Expert Articles

Most Recent Articles in Insurance category

  • How to Find Proper Healthcare Coverage - By: Jennifer Hrycyk
    There a lot of things a person should consider before enrolling himself or herself in a personal health insurance program or signing his or her family up for a family insurance plan.
  • Trucking Authority - By: Tanner J.D
    Despite the setbacks presented by the skyrocketing prices of diesel and other petroleum products, the trucking industry is still reaping profits. Even if gas rates have pushed past the ceiling, companies and other enterprises still need trucks and rigs to get their merchandises delivered to their destinations.
  • Health care services through your individual health insurance plan - By: Charles Peter
    An individual health insurance cover, simply stated, is an agreement between you and the insurance firm, aimed at protecting you against any financial constraints on account of a medical emergency.
  • Latest Trucking Trends Show Increased Advertising and Technology Use - By: Tanner J.D
    Regardless of whether they operate with their BOC-3s or not, trucks and big rigs that traverse the highways of the United States have always been a staple of the American road.
  • Cheap Car Insurance Quotes - By: Ted Monit
    Finding cheap car insurance is important for many consumers. Even more important is finding cheap car insurance from a reputable company so you know your insurance policy will cover you when you need it.
  • Importance of Interstate Trucking or Transportation - By: Tanner J.D
    Despite the many advances in technology, interstate trucking or transportation is still a preferred choice when it comes to delivering goods nationwide. Practically all U.S. commodities are transported by truck at certain points in the distribution process.
  • Rating the insurance companies - By: David Mayer
    The article looks at the need for people to check out the financial strength of the auto insurance companies before trusting them with your business.
  • Health insurance from the employer's point of view - By: David Mayer
    The article looks at the rise in the cost of insurance to employers and notes that the smaller the number of people who are insured, the higher the premiums will be. Premiums only fall if more healthy people are insured.
  • Why does someone need life settlement? - By: Jacob Christopher
    One of the reasons why people need life settlement is because they may be terminally ill. A person may be having an insurance cover, but he can't recover money from the policy right now.
  • Insurance Companies Want You Dead! - By: Carson Danfield
    Think about all the medical advances that have been made in the last 50 or so years. We've developed new medicines and advanced surgical procedures. We've eliminated or greatly reduced many illnesses and diseases.